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IGT Confirmed a 3% Increase in Its Profit in 2022

14 march 2023
Author: James Burton
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International Game Technology s turnover was over USD 4.2 billion in 2022. So, the manufacturer of slot machines and entertainment technologies affirmed its growth.

IGT financial results in 2022

IGT also announced it had achieved its targets for 2022 in the following operating segments:

  • digital solutions;
  • ground gaming;
  • lotteries.

Core Strategy

According to IGT’s CEO Vince Sadusky, the excellent results shown are a consequence of a well-thought-out growth strategy developed by the company. The firm has set long-time objectives with tremendous development potential.

The results shown by IGT also helped stakeholders to increase their earnings. Therefore, the brand started 2023 with solid positions in practically all business areas.

Max Chiara, the CFO, said that 2022 was a year in which the firm achieved amazing economic results. IGT generated exceptional cash flows due to the strategy employed, and the financing performed increased the potential for future growth.

The company managed to reduce its debt with the profits from the sale of non-strategic assets. The financial obligation is now at the lowest level ever recorded by the business. These figures mean that IGT will be able to enjoy investor support in the future and have more versatility in pursuing its plans for upcoming years.

Q4 2022 Financial Results

In the final quarter of last year, IGT reported a revenue of USD 1.1 billion, up 4% from the identical period in 2021, when the gain was USD 1 billion. This growth was mainly due to increased earnings from gaming.

A large portion of the profit came from the service and product sales segment. The rise in the digital branch in Q4 was 239% to about USD 17 million.

Let us review other achievements of the supplier:

  1. The increase in revenue was very high, while jackpot expenses went down. This result was gained despite the company's higher capital expenditures and some integration costs.
  2. The firm reported a 24% growth in operating profits, reaching the USD 230 million mark. The margin from procedures stands at 21%, up 340 basis points from what it was in 2021.
  3. The adjusted financial data indicator EBITDA marked USD 419 million in Q4 2022, an increase of 8%. This growth reflects raised profits in the Gaming and digital segments.

Financial Situation for 2022

IGT turned over USD 4.2 billion in earnings, a boost of around 3% compared to 2021. The main factor behind this growth was the rising quantity of gaming and digital deals.

The provider announced that it had achieved record-breaking operating earnings of over USD 900 million as its margin reached 22%. Free cash flow amounted to USD 582 million, while debt was reduced by USD 771 million.

Forecasts for 2023

IGT projects dividends to range between USD 4.1−4.3 billion for the whole year, with a margin of 21% to 23%. For the first 3 months of 2023, revenues of about USD 1 billion are expected by the brand, with a corresponding margin of 22−24%.

The supplier also announced that it had reached another critical milestone: the firm made it through to the top of 88% of the best gaming businesses. This makes the studio one of the leading representatives in the industry.

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